Biggest #FAIL EVER as DETROIT is the biggest city in US history to file for bankruptcy.
Detroit became the largest city in U.S. history to file for bankruptcy, as the state-appointed emergency manager filed for Chapter 9 protection, AP reported.
Bankruptcy expert Kevyn Orr was hired by the state of Michigan back in March to lead the Motor City out of a fiscal free-fall.
He made the filing Thursday today in federal bankruptcy court.
Detroit on Thursday became the largest city in U.S. history to file for bankruptcy, as the state-appointed emergency manager filed for Chapter 9 protection.
Kevyn Orr, a bankruptcy expert, was hired by the state in March to lead Detroit out of a fiscal free-fall and made the filing Thursday in federal bankruptcy court.
If the bankruptcy filing is approved, city assets may be liquidatged to satisfy demands for payment.
"Only one feasible path offers a way out," Gov. Rick Snyder said in a letter to Orr and state Treasurer Andy Dillon, OKing the bamkruptcy filing.
Detorit, once the proud town of American built cars and Motown records, lost a quarter-million residents between 2000 and 2010.
Detroit now seems a ghost town with census figures striving to stay above 700,000.
The middle-class and hundreds of businesses, both large and small, have also fled, taking their tax dollars with them.
DEVELOPING
